Since 2017, Fortune and Boston Consulting Group have teamed up to identify our annual list of Future 50 companies—those built to withstand exactly such volatility. (See the 2024 list here.) Future 50 firms promise outsize future growth while delivering exceptional shareholder returns. At BCG, we call these companies highly vital; they have the capacity to adapt, innovate, and grow amid technological, economic, and political change. This list is designed to be both a tool for investors and a guide for business leaders seeking partners and role models.

This year’s ranking is our first to include not just public companies but also privately held, pre-IPO companies with over $1 billion in funding. The Future 50 now better reflects the universe of the world’s most vital companies, which is particularly valuable as venture-backed and private-equity-funded firms increasingly stay private for longer. We’ve also updated our methodology to include new data sources that allow us to assess the scalability of a firm’s technology stack and the composition of its growth and innovation teams. In all, we evaluated 3,000 candidates to generate the final ranking.

This year’s Future 50 honorees have seen four-times-greater sales growth and three-times-greater total shareholder returns over the past five years than the average company in our sample group—hopefully presaging similar results to come. Indeed, the Future 50 has historically highlighted companies whose growth would later launch them onto the Fortune 500 and Fortune Global 500 lists. Nvidia, for one, made its Global 500 debut this year, following five Future 50 appearances (this year is its sixth). Intuit, ServiceNow, and Workday have similarly been featured here before laddering up to the Fortune 500.

Tech leads the pack

As in 2023, over half of the Future 50 companies are software providers, reflecting the notion that “software is eating the world” and the scalability advantages of bytes over atoms. Top-performing tech companies also consciously practice high-vitality behaviors to maintain leadership, including aggressively recruiting top talent, investing heavily in R&D, and relentlessly driving go-to-market strategies.

Most of this year’s software companies are business-to-business firms. Cybersecurity and programming support systems are a major presence, with collaborationsoftware maker Atlassian occupying the No. 1 spot. The data-infrastructure industry accounts for several players, including No. 9 Snowflake and No. 11 Databricks. On the business-to-consumer side, gaming platform Roblox (No. 2) and social media giants Snap (No. 12), Mohalla Tech (No. 39), and Kuaishou (No. 41) scored highly.

AI remains a huge growth engine, as businesses broadly move from generative AI exploration to adoption. Nearly all our Future 50 tech firms feature AI in their products, and the list includes several core foundation model and programming players, such as OpenAI (No. 5), Anthropic (No. 46), and Scale AI (No. 27). Nvidia (No. 34) returns to the list, after a one-year absence, as the company uniquely positioned to power large-language-model builders with its graphics processing units.

Outside of software, the list features six companies driving breakthroughs in biopharmaceuticals and diagnostics. Both energy companies on the Future 50 focus on clean energy, with Adani Green Energy (No. 35) pioneering large-scale solar and wind projects and Commonwealth Fusion (No. 45) working toward the world’s first fusion power plant. (On Nov. 20, U.S. authorities indicted multiple executives at Adani Green Energy’s parent company on charges of fraud and bribery related to the subsidiary. The company has denied wrongdoing.)

At No. 40, Celsius Holdings, an energy-drink provider, is the sole consumer business to crack the top 50, showing that marketing can still drive outsize value for customers and shareholders.

U.S. maintains leadership

The list also shows that the United States remains the center of gravity for the world’s innovators. Thirty-eight of this year’s Future 50 are U.S.-based. The country’s large, growth-hungry venture and public capital markets play a major role in attracting ambitious and capable founders from around the world.

Another factor in this dominance: Our analysis shows that U.S. companies often take leading positions in industries that are themselves fast-growing and highly innovative, like media, finance, semiconductors, and medtech. The U.S.’s soft landing post-COVID has also helped: While the U.K. and many of Europe’s largest economies have stagnated, and growth in China is slowing, the U.S. economy has continued to power ahead.

Compared with the U.S., European venture investment lags in all stages. Despite this and other headwinds, Europe’s presence on the Future 50 has risen slightly, with five companies, up from two in 2023, including software firms leaning into AI: autonomous-driving player Wayve (No. 44) and BioNTech (No. 50), a biotechnology company aiming to cure cancer.

China’s share in our Future 50 list has fallen sharply. This partly reflects the fact that China’s innovation ecosystem has stalled in recent years, amid broader economic challenges, tight government control of the tech sector, stricter financing terms, and reduced U.S. investment. It also reflects China’s economic model of innovation, which relies heavily on public R&D investments—which in turn often go to universities or larger “national champion” companies.

That said, there’s a scene of promising Chinese gen-AI upstarts like Moonshot AI and 01.AI that did not make our top 50 but have begun to dominate global open-source rankings for LLMs. And China continues to lead in industries of declared national importance, including automotive, batteries, and renewable energy.

The 2024 Future 50 shows that rapid growth and substantial value creation are achievable—even in volatile times. Notably, 12 of this year’s companies are under a decade old. Yet only a handful of countries foster the conditions needed for such companies to scale, and even these foundations are vulnerable to economic and geopolitical pressures. Supporting the success of companies with transformative potential and nurturing successive generations are a shared responsibility for us all—whether as founders, employees, investors, or policymakers.

Ketil Gjerstad is a managing director and senior partner at BCG and global leader of BCG’s strategy business. Johann Harnoss is a partner and associate director at BCG and a fellow at the BCG Henderson Institute. Viacheslav Romanov, Marley Finley, Gabe Bouslov, and Mar Martin contributed to the research.

This article appears in the December 2024/January 2025 edition of Fortune.